TORONTO, Nov. 12, 2013 /CNW/ - Pala Investments Limited ("Pala") announced today that it acquired 3,492,860 common shares (the "Shares") of Nevada Copper Corp. ("NCU"), representing approximately 4.34% of the 80,501,458 issued and outstanding common shares of NCU, as known by Pala. The Shares were purchased by way of a private transaction pursuant to a share purchase agreement.
As a result of the acquisition of the Shares, Pala now owns and controls a total of 40,289,141 common shares of NCU, representing approximately 50.05% of the issued and outstanding common shares of NCU, as known by Pala.
The consideration paid for each Share was CDN$1.75. Pala has acquired the Shares for investment purposes and may increase or decrease the investment in Shares depending on its evaluation of the business, prospects and financial condition of NCU, the market for NCU's securities, general economic and tax conditions and other factors.
The Shares were acquired pursuant to the private agreement take-over bid exemption in Section 100.1 of the Securities Act (Ontario) and in Section 4.2 of Multilateral Instrument 62-104 Take-over Bids and Issuer Bids and in compliance with the requirements thereof, including that the purchase of Shares was made from less than five persons, the bid was not made generally to holders of Shares and the value of the consideration paid for the Shares was not greater than 115% of the market price of the Shares.
Pala's address is 12 Castle Street, St. Helier, Jersey JE2 3RT. For further information please refer to the Early Warning Report posted on SEDAR or contact John Nagulendran at +41 41 560 9070.
Pala is a multi-strategy investment company dedicated to investing in, and creating value across the mining sector in both developed and emerging markets. Pala seeks to assist companies in which it has long-term shareholdings by providing strategic advice and innovative financing solutions.
Certain statements in the press release are forward-looking statements and are prospective in nature, including statements with respect to Pala's future intentions regarding the securities of NCU that it owns. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements should therefore be construed in light of such factors, and Pala is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE: Pala Investments Limited
For further information:
John Nagulendran at +41 41 560 9070